It’s a go! Uniswap Foundation becomes reality after 86M votes in favor

After receiving over 99% votes from UNI token holders, the $74 million plan of two ex-Uniswap Lab executives to create a new Uniswap Foundation is now a reality.

The foundation’s initial proposal stated that it aims to streamline Uniswap’s Grant Program (UPG), and to reduce friction in the protocol’s governance system.

Devin Walsh, a former executive at Uniswap Labs, shared the results via Twitter on Aug. 24, noting the fact that the proposal to establish the foundation had “passed its last vote!”

Our proposal to create the Uniswap Foundation was approved last night! https://t.co/B2VOAeg5is
Devin Walsh (@devinawalsh), August 24, 2022

According to the Uniswap website the foundation received more than 86million votes, which is 99% of all votes, and only 770 votes against the proposal. Despite the mixed community reaction to the original proposal, which was announced Aug. 5, votes were cast in favor.

The voting period began on Aug. 17 and ended at 2:19 PM GMT +10 on Aug. 24. Votes were cast via Uniswap’s mobile app. To vote, voters must have the UNI token. To pass the vote, a threshold needed of 40 million votes in favor of UF.

Walsh stated that the UF had already “hit the ground running”, and has been able to address its top priorities such as interviewing “talented and values-aligned candidates” for the team, scaling up UPG, and “reinvigorating government.”

According to the Uniswap Foundation job board, they are looking for employees to join their team. These include Community Lead and Partnerships Lead, Governance Lead and Governance Lead. Grants Analyst and Leads are also available. Communications and Finance Leads and Developer Relations and Protocol Leads are some of the positions that they are seeking to hire.

Are you decentralized?

Despite the overwhelming support for the UF, many on Twitter are questioning how much control the community has over Uniswap decisions.

Chainlink Community Ambassador, “ChainLinkGod”, who has 150,200 Twitter followers, stated that Uniswap should have a decentralized autonomous organization (DAO), which would “determine how funds are used” instead of a centralized foundation.

The Uniswap DAO, which is also a joke regarding decentralization theater is not exactly helping your argument. However, they have $3.6B in UNI (largest DAO in AUM). Normally, it is the DAO that determines how funds are used and not a centralized foundation.
— ChainLinkGod.eth August 20, 2022 (@ChainLinkGod).

Another member of the community suggested that the vote result was “whale-run”, with the top 20 addresses voting using 81.57million tokens, or 99.7%, to vote for the proposal.

Uniswap is known for passing unanimously approved proposals. Today, the community voted in favor of US$ 74mn to fund the Uniswap Foundation. But….US$ 74mn is a lot of money…and was it really the community that voted this in?https://t.co/BeavvElVK3
— Ishita Srivastava (@ishita7077) August 24, 2022

Walsh and Ken Ng, Head of Operations, plan to build a team with 12 people. They have requested $74million from the Uniswap decentralized autonomy organization (DAO treasury), which currently has over $3 billion in UNI tokens.

The UF intends to distribute $60 million to Uniswap Grant Programme (UGP), and the remaining $14 millions to cover its operating budget.

Uniswap is by trading volume the largest decentralized exchange (DEX). Since its inception, Uniswap has been supporting more than $1 trillion cumulative volume. It often competes with Coinbase’s daily volume.

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Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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